Online Virtual Seminar

Financial Institution Fraud

  • Feb 19-20, 2025 8:00 a.m.
  • Central Time (CT)
Course Level
Overview
Delivered via
Online
CPE
16

Description

The Financial Institution Fraud course offers a comprehensive exploration of fraud in financial institutions to equip participants with the knowledge and skills needed to detect, prevent, and mitigate criminal and unethical activities within the banking and finance sectors. 

Throughout the course, participants delve into various typologies of fraud, regulatory compliance requirements, investigative techniques, and best practices for fraud risk management. Through engaging case studies, real-world examples, and interactive discussions, participants gain insights into the dynamics of fraud, including insider abuse, cybercrime, and predatory sales practices. 

Financial Institution Fraud emphasizes the risks posed by enablers of illicit activity and how to counteract those risks. The course focuses on strong controls, training, and robust internal oversight. The seminar will also explore how external fraudsters work to bypass controls by colluding with insiders and continuously adapting their techniques. Attendees will emerge prepared to play a pivotal role in combating fraud in financial institutions and upholding integrity and trust within the financial industry.

Prerequisites

None

You Will Learn How To:

Navigate diverse typologies and methods of financial institution fraud, empowering professionals to recognize red flags and suspicious activities across various sectors.

Develop insight into the regulatory landscape governing financial institutions, alongside best practices for implementing robust fraud risk management frameworks and compliance measures to mitigate fraud risks effectively.

Recognize the critical role of internal controls in detecting and preventing fraud, including the necessity of implementing stringent authentication procedures, transaction monitoring systems, and separation of duties to safeguard against insider abuse and fraudulent activities.

Apply techniques for gathering evidence, conducting interviews, and presenting findings effectively to stakeholders and law enforcement agencies to foster collaboration and synergy among auditors, investigators, and compliance officers and combat financial institution fraud.

Analyze real-world cases and examples of financial institution fraud to glean insights and practical strategies for detecting, preventing, and mitigating fraud risks.

CPE Information

CPE Credit: 16
Advanced Preparation: None
Delivery Method: Group Internet Based

Credit by Field of Study

Accounting: 16

Registration & Fees

Registration Fee:
ACFE Members: $655
Non-Members: $805
Early Registration Deadline: January 30, 2025
Register by the Early Registration Deadline to SAVE $125!

Course Outline

Day 1

  • 8:00 – 9:20 a.m. Overview of Financial Institution Fraud

    In this overview, attendees will receive an introduction to the landscape of fraud in financial institutions, exploring various types of fraudulent activities prevalent in the banking and finance sectors. This overview will provide an understanding of the motives behind fraud, the methods used by perpetrators, and the impact on institutions and stakeholders. Throughout, the role of internal controls in detecting and preventing fraud, as well as the potential threat posed by corrupt insiders, is highlighted to underscore the importance of robust risk management strategies.

  • 9:35 – 10:55 a.m. Fraud Risk Management Frameworks

    Fraud risk management frameworks are critical to how financial institutions oversee exposure, loss, recovery, and resilience. This section examines the essential components of effective fraud risk management frameworks within financial institutions. Learners will explore risk assessment methodologies, mitigation strategies, and monitoring mechanisms to detect and prevent fraud. This course component pays special attention to the role of internal controls in mitigating fraud risks and the necessity of fostering a culture of compliance and integrity throughout the financial institution.

  • 11:10 a.m. – 12:30 p.m. Identity Theft

    Identity theft is a constantly evolving threat and is on the rise. This session will explore the various forms of identity theft, including synthetic identity fraud and account takeover schemes, and its implications for financial institutions and their customers. This section will also review internal controls such as identity verification procedures and transaction monitoring systems as critical tools in detecting and preventing identity theft, and highlight the potential threat of insiders exploiting access to personal information..

  • 1:30 – 2:50 p.m. Unethical and Predatory Sales Practices

    If financial institution employees can’t sell, they can’t earn. This creates an inherent conflict between making money and aligning to compliance requirements. This section examines the ethical challenges surrounding sales practices within financial institutions, including cases of misrepresentation, coercion, and exploitation of vulnerable customers. Participants will also learn about regulatory requirements and industry standards aimed at curbing unethical behavior.

  • 3:05 – 4:25 p.m. Lending Fraud

    The nuances of lending fraud make it a particularly challenging crime to detect. In this section, participants explore the complexities of lending fraud, including fraudulent loan applications, income misrepresentation, and collateral manipulation. The session emphasizes the importance of robust underwriting processes, documentation standards, and due diligence in mitigating lending fraud risks. The session will also review loan origination and escalation practices aimed at deterring both internal and external fraud.

Day 2

  • 8:00 – 9:20 a.m. Insider Abuse and Self-Dealing

    Financial institution employees have access to legally protected customer data, private information, and trade secrets, which compounds the risks of fraudulent behavior. This section delves into the unique threats posed by insiders, such as employees and executives, who exploit their positions for personal gain. Participants will learn about various forms of insider abuse, such as embezzlement, insider trading, and self-dealing transactions. This session emphasizes the critical role of internal controls in detecting and preventing insider abuse, as well as the importance of fostering a culture of integrity and ethical conduct to mitigate the risk of corrupt insiders.

  • 9:35 – 10:55 a.m. Cybercrime Against Financial Institutions

    Cybercrime continues to evolve, as do advanced persistent threats. This section will walk through the ever-changing landscape of cyber threats targeting financial institutions, including phishing attacks, ransomware, and data breaches. The session covers best practices for cybersecurity risk management, incident response, and regulatory compliance. Internal controls such as access controls, encryption protocols, and employee training are also highlighted as crucial defenses against insiders facilitating or exploiting cyberattacks.

  • 11:10 a.m. – 12:30 p.m. Elder Financial Exploitation

    Elder financial exploitation is a particularly troubling crime in that it often entails a litany of abuses and exploited trusts. Costing at-risk individuals billions each year, this section will focus on the unique vulnerabilities of elderly customers to financial exploitation and abuse. Participants will learn about common tactics used by fraudsters to exploit at-risk individuals, such as fraudulent investment schemes and caregiver exploitation. Internal controls such as enhanced due diligence procedures and reporting mechanisms are emphasized as essential tools in detecting and preventing elder financial exploitation.

  • 1:30 – 2:50 p.m. Investment Fraud

    Investment fraud and Ponzi schemes are possibly as old as currency itself. Participants will learn about the frauds that target both individual investors and institutional clients, such as Ponzi schemes, pump-and-dump scams, and other investment schemes. The role of conducting thorough due diligence on investment opportunities, monitoring investment activities, and detecting red flags is emphasized, along with the potential risk of insiders colluding with external fraudsters to perpetrate investment frauds.

  • 3:05 – 4:25 p.m. Money Laundering

    Money laundering represents trillions in illicit funds moving through the global financial system annually. This section examines the complex schemes used by criminals to launder illicit funds through financial institutions, including structuring transactions, trade-based money laundering, and virtual currency schemes. In this segment, attendees will learn about regulatory requirements and industry best practices for anti-money laundering (AML) compliance. The role of internal controls such as customer due diligence procedures, transaction monitoring systems, and suspicious activity reporting mechanisms will be a focus. The session will also address potential complicity of corrupt insiders in facilitating money laundering activities.

Presenter

Michael Schidlow, CFE - Speaker

MSchidlow

Professor and Lecturer

Policies

Payment must be received by January 30, 2025 to receive early registration discount. 

Event Cancellation Policy

Our cancellation policy is intended to keep costs low for attendees. Due to financial obligations incurred by the ACFE, Inc., you must cancel your registration prior to the start of the event. Cancellations received less than 14 calendar days prior to an event start date are subject to a $100 administrative fee. No refunds or credits will be given for cancellations received on or after the start date of the event. Those who do not cancel and do not attend are responsible for the full registration fee. Should an event be cancelled or postponed by the ACFE due to unforeseen circumstances, the ACFE will process a full refund of registration fees within 30 days of such circumstances becoming known. The ACFE will attempt to notify affected customers by phone and email after it determines cancellation is necessary.

Satisfaction Guarantee

ACFE events are unmatched in scope and effectiveness and backed by our unconditional satisfaction guarantee. If you attend an ACFE event and are not completely satisfied, please contact an ACFE Member Services Representative at MemberServices@ACFE.com or call (800) 245-3321 / +1 (512) 478-9000.

Terms and Conditions

 


nasba-events-tos-image The Association of Certified Fraud Examiners, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.